Final Sanction Removed at InnovAge Sacramento PACE Center Enabling New Participant Enrollment
May 01 2023 - 8:00AM
InnovAge Holding Corp. (“InnovAge”) (Nasdaq: INNV), an industry
leader in providing comprehensive healthcare programs to frail
dual-eligible seniors through the Program of All-inclusive Care for
the Elderly (PACE), announced today that the California Department
of Health Care Services (DHCS) is releasing InnovAge’s Sacramento
PACE center from enrollment sanction effective May 1, 2023.
The state’s action follows its completion of a
validation audit in December of last year and the release of
sanction by the Centers for Medicare and Medicaid Services (CMS) in
November of 2022. The release of both sanctions permits InnovAge to
resume normal enrollment of eligible Sacramento seniors into the
PACE program at its center. CMS and DHCS are requiring
InnovAge to conduct post-sanction corrective action and monitoring
activities to address any issues identified during validation
audits.
“I am proud of the work our team has done to
earn the support of our regulatory partners to resume enrollment of
eligible Sacramento seniors into the PACE program,” said CEO
Patrick Blair. “With a dedication to our mission, our
InnovAge associates worked tirelessly on continually improving the
quality of care and service our valued participants receive.”
Blair concluded, “I am also grateful for the
partnership and support provided by our state and federal
regulatory partners as we addressed their findings to strengthen
our operations in Sacramento and across the enterprise.
As a team, we are committed to an ongoing journey of improvement
and operational excellence as we endeavor to expand access to
community-based care for even more seniors.”
About InnovAgeInnovAge is a
market leader in managing the care of high-cost, dual-eligible
seniors through the Program of All-inclusive Care for the Elderly
(PACE). With a mission of enabling older adults to age
independently in their own homes for as long as safely possible,
InnovAge’s patient-centered care model is designed to improve the
quality of care its participants receive while reducing
over-utilization of high-cost care settings. InnovAge believes its
PACE healthcare model is one in which all constituencies —
participants, their families, providers, and government payors —
“win.” As of December. 31, 2022, InnovAge served approximately
6,460 participants across 18 centers in five states.
https://www.innovage.com/.
Investor Contact:Ryan
Kubotarkubota@innovage.com
Media Contact:Lara
Hazenfieldlhazenfield@innovage.com
Forward-Looking Statements - Safe
Harbor
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as:
“anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,”
“expect,” “may,” “should,” “will” and other words and terms of
similar meaning that they do not relate strictly to historical or
current facts. Examples of forward-looking statements include,
statements regarding our expectations with respect to the
enrollment of participants in California and other jurisdictions;
the Company’s prospects following release of sanctions;
developments regarding the Company’s audits; relationships and
discussions with regulatory agencies; and our expectations with
respect to correcting deficiencies raised in audits and other
processes. Forward-looking statements are based only on currently
available information and our current beliefs, expectations and
assumptions. You should not place undue reliance on our
forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from
those indicated in the forward-looking statements include: (i) the
risk that the Company is not able to enroll new participants in its
Sacramento center or other centers in the near term or at all; (ii)
the results of periodic inspections, reviews, audits, or
investigations under the federal and state government programs;
(iii) our ability to satisfactorily conduct post-sanction
corrective action as required by the respective federal and state
government programs in the states of California and Colorado; (iv)
our ability to sufficiently cure any deficiencies identified by the
regulators in New Mexico; (v) our inability to enroll or attract
new participants and grow our revenue in our current centers and de
novo centers; and (vi) the concentration of our presence in
Colorado. For a detailed discussion of the risks and uncertainties
that could affect our actual results, please refer to the risk
factors identified in our SEC reports, including, our most recent
Annual Report on Form 10-K and any subsequent Quarterly Report on
Form 10-Q, in each case, as filed with the SEC.
Any forward-looking statement made by the
Company is based on information currently available to us. Except
as required by law, we undertake no obligation to publicly update
any forward-looking statement, whether written or oral, whether as
a result of new information, future developments or otherwise.
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